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Prices Down, Volume Up: A Snapshot of the DC Market in October

  • November 10th 2009

by Mark Wellborn

Prices Down, Volume Up: A Snapshot of the DC Market in October: Figure 1

Not to be confused with the widely reported National Association of Realtors housing data that was released this morning, DC home sales guru Keith Gibbons has done a quick roundup of the just-released MRIS sales data for the DC area. Keith will no doubt be putting together a comprehensive report of this data on his site dchousingprices.com, but these tidbits give you a pretty good idea of what is going on in the market.

  • The average sales price for a home on the market in the District is down 16.76% over a year ago. In October 2009, the average sold price was $465,180; in October 2008 it was $558,816.
  • Sales volume is up…a lot – Unit sales volume is up almost 41% in DC since last October; Condo unit sales are up 33.8% and home sales are up 45.9%.
  • Perhaps the most interesting data from the latest report is that the inventory of condos increased slightly from September to about a six-month supply and the inventory of available homes actually decreased slightly to 5.27 months. From what we have been hearing, there is supposed to be a condo shortage coming, not a single-family home shortage. Perhaps both are on the way.

This article originally published at https://dc.urbanturf.com/articles/blog/prices_down_volume_up_a_snapshot_of_the_dc_market_in_october/1501.

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